Term loan Bs have dominated the market for leveraged loans over the past two decades. It is worth a moment to see how this type of loan differs from the term loan A. The investors in the B loans are financial institutions looking for yield. As such, they're happy to have the protections of being senior and secured and give up some of the other risk mitigations, such as amortization and covenants. This gives the issuer the flexibility to build cash reserves or baskets as they are known to buy other companies or invest Internally. Term loan Bs have become known as cov-lite or covenant-lite due to this flexibility. As discussed, these loans are syndicated to a large group of sophisticated investors who also actively trade the loans in the secondary market. A single arranger might handle the entire deal. Although with larger deals, a group of banks might handle the underwriting, either sharing the lead or with one in the lead, and several in the co-arranger role. The banks, either commercial or investment, will underwrite the loans and then sell them down to institutional investors, offering them incentives in the form of discounts or OID to buy the paper. Very little is held on the balance sheet by the arranging banks in the term loan B market. This is very much unlike a traditional bank loan where the banks sell down exposure to other banks, but are still asked and expected by the issuer to hold some of the loan on their books. The secondary market, as well as the structure of these loans that is senior secured longer in term and often publicly rated, has paved the way for securitized products to emerge called CLO or Collateralized Loan Obligations. CLOs make up the largest buyers of these loans currently and drive liquidity in the market.